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A Seller's Market

Updated: Aug 1, 2023

Available homes in Tennessee continued to drop in May 2021 compared with the same month a year ago, and new listings were down. While total sales and the median price of homes continued to rise; according to data compiled by Tennessee REALTORS® via REALTORS® Property Resource (RPR).

Among the numbers -

Closed Home Sales

May 2020: 8,333 / May 2021: 9,619 / +15.4%

Closed Sales Volume

May 2020: $2.37 billion / May 2021: $3.44 billion / +45.1%

Active Listings

May 2020: 36,408 / May 2021: 7,966 / -78.1%

New Listings

May 2020: 12,693 / May 2021: 11,793 / -7.1%

Median Home Sale Price

May 2020: $245,000 / May 2021: $291,000 / +18.8%

Median Sale Price Per Square Foot

May 2020: $130 / May 2021: $130 / +0.0%

Call it the "Covid Effect" with more people staying at home and interest rates at an all time low - the real estate market in Middle Tennessee is crazy right now. Inventory is down but the number of qualified buyers are up. Mix it all together and you have what I call a "feeding frenzy" Sellers equipped with this knowledge are listing their homes for top dollar - and getting it. What makes this more difficult for buyer's; is having to compete with all cash offers. With multiple offers rolling in on day 1, buyer's will have to go to battle more than once to land their dream home. However insurmountable the process may seem; there are ways to win the coveted "contract accepted". I have worked on both sides of the transaction - and until this year I had never lost out in a multiple offer situation. You would know the first and only be my own Son. Things are very different this year. Gone are the days of negotiating. The norm now is "how attractive can I make my offer to the seller?" This is the case when a home is newly listed. If one has been listed for some time I have found there is still some wiggle room. In my experience, on a newly listed home buyers should be prepared. Have your pre-approval letter from your lender ready to go with your offer. Buyers are giving over asking price on homes they really want. Foregoing asking for assistance with closing costs from the sellers, waiving repairs needed. I still highly recommend having an inspection done so you know what lies ahead. A good Inspector will guide you on what needs attention now and what can wait.

To sum up - #1 Have great representation #2 Have your pre-approval letter in hand

#3 Have your agent prepare a draft offer in advance - this will cut down on time spent pulling all of the required forms together at the last minute. The numbers can be adjusted accordingly with each offer before you sign. #4 Have patience and do not be discouraged. Your Realtor should make the process as stress free as possible. Notice the word "process" It is not something that happens tomorrow. Once you have found your home, which takes time and you have an accepted offer from the Seller; there are still several things that must take place. An experienced agent will guide you through the process and handle most of the tasks to bring you to the closing table. Which typically occurs 30-45 days from offer acceptance. Once you are handed the keys to your new home - it will make the journey all worthwhile. With homes going under contract the first day - you will have to send your offer in NOW. It may be gone tomorrow.


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